Tax Planning

Have you ever walked out of your Accountants office with a tax bill you didn’t expect?

Many of our clients come to us late May to mid-June, and we work with them to review what has happened so far as well as what will happen for the remainder of the financial year. Once we’ve established all of that, we work out an estimate of your tax situation and offer some suggestions to minimise your tax bill.

This is incredibly helpful as it lets you know what to expect before it happens. We can also set up a payment plan, so you don’t get hit with a big tax bill.

Spread your commitments out over the year; it’s good for your business and makes the situation less stressful for you. Then we’ll discuss the following year with you to ensure you’re in the best position come tax time in the future.

A few handy tax hints to take on board

At Trilogy Tax, we understand how confusing it can be when it comes to taxation and what you can claim, so we’ve put together a few of the top tips for both individuals and businesses below. While this is not a fully comprehensive list, it’s a great introduction to what we look into in order to minimise the amount of tax you’re paying.

For individuals

1. Use your vehicle for work purposes? Make sure you keep a log book of all travel you undertake throughout the year, and copies of receipts regarding expenses
2. Taking up private health insurance will allow you to avoid the Medicare Levy Surcharge. The sooner you purchase a policy; the less amount of Surcharge you’ll pay for the year.
3. Avoid preparing the tax return yourself – there’s a high chance you’ll miss out on one or more different deductions that can reduce your taxable income.

For businesses

1. Know what all of your offsets and deductibles are. These will differ depending on the type of business you’re running, so make sure you’ve done ample research (or spoken with us!)
2. Keep records of everything. This is the most important piece of information to both businesses and individuals, actually – if you’re unable to prove something to the ATO, there can be hefty penalties.

Chat to us and alleviate all stress. It can be difficult to understand it all – which is why we’re here! We’ll save you time and money, allowing you to focus on the more important areas of your business.